Paramount Postpones Employee Town Hall Amid Skydance Deal Talks
The future of Paramount Global remains uncertain, with the Skydance-RedBird deal in the hands of Shari Redstone, and the three co-CEOs laying out their own plan for the company Tuesday morning.
With that in mind, the company has opted to postpone a scheduled all-employee town hall that had been set for Wednesday.
Paramount told employees that the town hall will now be held on Tuesday, June 25, suggesting that there should be more clarity on the company’s future by then.
“Given the ongoing speculation regarding potential M&A, we want to be able to speak to you with as much candor and transparency as possible,” the company wrote to employees. “By moving the date, our hope is to do just that.”
The company is in the middle of a critical week that could shape its future. Redstone is currently reviewing a takeover offer led by Skydance that would see the company acquire her family’s National Amusements holding company, merge Skydance into Paramount, and offer to buy out many Paramount common shareholders at a premium.
Meanwhile, on Tuesday morning, during the company’s annual meeting, the three co-CEOs Brian Robbins, George Cheeks and Chris McCarthy laid out their own “shared vision” for Paramount, a new strategic plan that includes cost-cutting, seeking a partner in streaming, and divesting some assets.
“While we recognize that this is not a traditional management structure, we are confident that it will enable them to move quickly to implement best practices throughout the company to drive improved performance,” Redstone said during the meeting, suggesting that if there is no deal, the executives will move quickly on their plan.
The three were set to discuss that vision with employees Wednesday, but with the town hall postponed, it will have to wait. Their own plan would presumably only come into play if Redstone opts to not take the Skydance deal, and other deals do not materialize.
